Russia and Cuba have been discussing the possibility of using cryptocurrencies and Russian rubles to enhance bilateral cooperation, despite the sanctions that were imposed against both countries. Boris Titov (commissioner for entrepreneurs’ rights under Russian President), made the announcement. The 38th edition of Havana International Fair saw Russia’s business ombudsman arrive in Cuba.
According to Titov, ‘All of us are under sanctions. Russia and Cuba are both under sanctions. The dollar turnover is the principal financial mechanism in the world that allows for mutual settlements. But today, mechanisms are being created at the level national governments to improve the situation.
Further, he said that many options are being considered including settlements in rubles. The Kremlin official noted, however, that businesses are often more flexible and can find their own payment methods using cryptocurrencies or private clearing schemes.
Feria Internacional de la Habana ( FIHAV 2022), is held November 14-18 at Expocuba, an exhibition center on the outskirts the city. It was established in 1983. Representatives from more than 60 countries attend the event, including Brazil and Venezuela, Spain as well as Canada, Italy, Canada China, Mexico, Russia, Spain, Canada and China.
Russian authorities have been contemplating a comprehensive regulatory framework for crypto assets over the past months. The State Duma is expected to examine a new bill “On Digital Currency” and a draft legislation “On Mining in Russia Federation”, which are intended to fill in any gaps left after January 2021’s enforcement of the law “On Digital Financial Assets”.
Although the Central Bank of Russia had suggested a blanket ban against all crypto-related activities in January, the growing sanctions pressure following Russia’s “special military operation” in Ukraine in February convinced the monetary authority to support proposals to legalize decentralized digital currencies in international Settlements.
Russian financial authorities created a mechanism to allow the use of cryptocurrencies in payments with other countries. Alexey Moiseev, the Deputy Minister of Finance, revealed that his department and Bank of Russia had agreed Russia couldn’t live without cross-border crypto payments.